The global electric vehicle charging infrastructure market size to cross USD 14 billion in 2026, growing at a CAGR of 36% during the forecast period.
CHICAGO, ILLINOIS, UNITED STATES, June 7, 2021 /EINPresswire.com/ -- In-depth analysis and data-driven insights on the impact of COVID-19 included in this global electric vehicle charging infrastructure market report.
The electric vehicle charging infrastructure market is expected to grow at a CAGR of around 36% during the period 2020−2026.
Key Highlights Offered in the Report:
1. The EV charging ecosystem depends on 4 main dimensions – technology, penetration of electric vehicles, regulatory environments, and customer expectation.
2. AC charging infrastructure currently have a higher penetration rate, particularly level 2 charging infrastructure, as level 1 is mostly deployed in the residential sector and is expected to grow at a CAGR of around 32% and 13% respectively, during the forecast period.
3. Level 3-5 (DCFC) is expected to grow at an incremental growth of around 1,221 thousand units during 2021-2026. Retail DCFC charging infrastructure are expected to have higher operational cost due to higher capital cost of installing DCFC and providing electricity to DCFC stations.
4. New product releases, industry expansions, mergers, alliances, and agreements are some of the strategies used by quick charger device manufacturers.
5. M&A and partnerships are majorly among utilities and power companies, pure players, and automotive players and is one of the key drivers during the forecast period.
6. The demand for EV charging infrastructure in the European market is growing and is anticipated to grow at an absolute growth of around 422% by revenue during 2021-2026, with upgrades and replacements driving the market growth. However, the new demand is expected to emerge from the Central and Eastern European countries.
7. Many countries have recognized the need to go electric to minimize rising emissions from cars, with the United States and China leading the way.
8. The competitive environment for the global EV fast-charging device market is driven by various strategies used by leading players in the e-mobility industry to gain momentum and market share.
• Market Size & Forecast by Revenue | 2020−2026
• Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
• Market Segmentation – A detailed analysis by application, mode of charging, voltage, operation sites, and geography
• Competitive Landscape – 8 key vendors and 25 other vendors
Electric Vehicle Charging Infrastructure Market – Segmentation
• The global private electric vehicle charging station market size is likely to reach 3.8 million units by 2026. As public charging infrastructure provide free of cost services to increase the adoption of EVs, private systems and charging companies offer the latest technology and efficiency. Both private and public have opportunities to expand globally and provide different business models in the market.
• Petrol pumps, supermarkets, shopping malls, and others are common commercial places where the deployment of charging infrastructure has increased in the last years. Convenience stores or small grocery brands are also active in deploying charging infrastructure globally, which influences the market's growth.
• The wired electric vehicle charging infrastructure market share accounts for an 80% revenue share and is expected to reach over 5.5 million units by 2026. With the increased demand for DCFC systems, the wired segment expects to grow during the forecast period. Electric vehicles will continue to reduce the world's carbon footprint. In countries such as China, Norway, Iceland, and Sweden, hybrid battery vehicles and all-electric cars have grown significantly.
Electric Vehicle Charging Infrastructure Market by Application
Electric Vehicle Charging Infrastructure Market by Mode of Charging
Electric Vehicle Charging Infrastructure Market by Voltage
• Level 1
• Level 2
• Level 3-5
Electric Vehicle Charging Infrastructure Market by Operation Sites
• Petrol Pumps
• Public Parks
Electric Vehicle Charging Infrastructure Market – Dynamics
Automated robot-based electric vehicle charging infrastructure in the commercial sector are the charging stations where the charging is done without human intervention. Once the EV arrives at the station, the charger automatically plugs in the vehicle and disconnects itself and moves away once it charges the vehicle completely. The sensors are so perfectly designed that the function of these robots is precise and human surveillance is not required in most of the stations. These robots are installed in parking lots, workplaces, parking garages, malls, and other facilities and do not require a separate space or infrastructure for charging systems. The demand for electric vehicles is rising in many countries globally; hence, the requirement for EV charging infrastructure and stations is anticipated to increase during the forecast period. The use of automated robot systems is expected to reduce manpower deployment and increase technology advancements through IoT and AI. This will also be helpful for the installation of charging systems in remote locations. Currently, the penetration rate is higher in developed countries; however, developing countries are also increasing the adoption rate gradually to shift towards the green environment.
Key Drivers and Trends fueling Market Growth:
• Wireless Charging Systems for Electric Taxis
• Evolving Business Models to Promote EV Adoption
• Government Policies & Initiatives
• Demand for Ultra-Fast Charging Infrastructure
Electric Vehicle Charging Infrastructure Market – Geography
The Asia Pacific electric vehicle charging infrastructure market is expected to witness steady growth during the forecast period due to the increasing adoption of electric vehicles at the commercial level over the next few years. China, Japan, South Korea, and India are some of the fast-growing markets in the APAC region. Major developments have taken place in EV charging owing to the rising pollution rates in the countries. However, the knowledge gap has been a major challenge for consumers and manufacturers to penetrate the market quickly. Electric charging systems in the APAC region are deployed in almost all commercial facilities such as in parking garages, supermarkets, office spaces, and others. The price of charging an EV on charging systems depends on the technology used by the specific type of battery and electricity tariffs in the country. The growing demand for electric cars, government incentives and discounts for electric vehicles, and worsening environmental issues are some of the factors driving the infrastructure development in the region.
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Electric Vehicle Charging Infrastructure Market by Geography
• North America
• South Korea
• Latin America
• Middle East & Africa
• GS Yuasa International
• PLUGLESS POWER
Other Prominent Vendors
• bp Chargemaster
• Bosch Automotive
• Shenzhen EN-plus Technologies
• Luoyang Grasen Power Technology
• Senku Machinery
• SETEC Power
• Star Charge
• SIGNET EV
• Pod Point
• Leviton Manufacturing
• United Charging Infrastructure
• Alpiq E-Mobility
• GIFAS ELECTRIC
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